Porter earned some money doing odd jobs last summer and put it in a savings account that earns 11% interest compounded quarterly. After 3 years, there is 700.00 in the account. How much did Porter earn doing odd jobs?Round your answer to the nearest cent.

Solución

P or t er e a r n e d so m e m o n ey d o in g o dd j o b s l a s t s u mm er an d p u t i t in a s a v in g s a cco u n t t ha t e a r n s 11% in t eres t co m p o u n d e d q u a r t er l y . A f t er 3 ye a rs, t h ere i s 700.00 in t h e a cco u n t . Ho w m u c h d i d P or t er e a r n d o in g o dd j o b s ? R o u n d yo u r an s w er t o t h e n e a res t ce n t .

Principal : 505.49

Pasos de solución

Translate the problem into an equation:

700 = P (1 + \frac{0.11}{4})^{4 \cdot 3}

Resolver para

P, 700 = P (1 + \frac{0.11}{4})^{4 \cdot 3} : P = 505.49

Principal : 505.49